All of that global warming falling from the sky is being blamed for an unexpected rise in jobless claims last week.
More Americans than forecast filed first-time claims for unemployment insurance payments last week, indicating it will take time for the labor market to mend.
Applications for jobless benefits increased by 51,000 to 454,000 in the week ended Jan. 22, Labor Department figures showed today. Economists forecast 405,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls rose, while those collecting extended payments fell.
A Labor Department official said snow in four southern states in previous weeks created a backlog of claims that were processed last week. While the economy has improved, it hasn’t been enough to reduce an unemployment rate that Federal Reserve policy makers said yesterday is too high and requires pressing ahead with a $600 billion stimulus plan.
“If claims drift higher, we’re just going to have to wait and see, tread water,” Julia Coronado, chief economist for North America at BNP Paribas in New York, said. “We’re creating enough jobs to keep the unemployment rate roughly steady and at a pace to keep the economy on track, but it’s not necessarily a picture of rapid improvement.”
Understatement of the year.
The recovery that wasn’t continues at breakneck speed.
NEW YORK (CNNMoney.com) — The economy continued to add jobs last month, but at a much slower pace than expected, while the unemployment rate rose to 9.8%.
U.S. employers added 39,000 jobs to their payrolls in November, the Labor Department reported Friday. That marks a major slowdown from October, when the economy added an upwardly revised 172,000 jobs.
November’s numbers also fell short of the 150,000 gain that economists surveyed by CNNMoney.com were expecting.
And what would an Obama loving news outlet story on unemployment be without the “U” word:
The unemployment rate, which is calculated in a separate survey, unexpectedly ticked up to 9.8% after holding at 9.6% from the prior three months, the government said.
After a net loss of 54,000 jobs in August and an uptick to 9.6% unemployment, this is the headline in today’s New York Times:
Growth in Jobs Beats Estimates, Easing Concerns
Oh really? Whose concerns were eased exactly? At least the author didn’t completely skip the pesky 54,000 lost jobs as Obama did in his Rose Garden comments yesterday. Hot Air notes Reuters also got the talking points:
However, Reuters unexpectedly finds this to be good news:
U.S. employment fell for a third straight month in August, but the decline was far less than expected and private payrolls growth surprised on the upside, easing pressure on the Federal Reserve to prop up growth.
Nonfarm payrolls fell 54,000, the Labor Department said on Friday as temporary jobs to conduct the decennial dropped by 114,000.
Private employment, considered a better gauge of labor market health, increased 67,000 after a revised 107,000 gain in July. In addition, the government revised payrolls for June and July to show 123,000 fewer jobs lost than previously reported.
So we created 40,000 fewer private sector jobs and the unemployment rate went up, and that’s a surprise on the upside? That’s mighty fine spin by Reuters … and completely expected.
Lipstick on a pig.
U.S. employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery.
Non-farm payrolls fell 131,000 the Labor Department said on Friday as temporary jobs to conduct the decennial census dropped by 143,000.
Private employment, considered a better gauge of labor market health, rose 71,000 after increasing 31,000 in June. In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.
Analysts polled by Reuters had forecast overall employment falling 65,000 and private-sector hiring increasing 90,000.
But let’s let the eeevil Bush tax cuts expire…because that will surely help with these dismal numbers.
Valerie Jarrett gets the hand from the U.S. Chamber of Commerce.
The U.S. Chamber of Commerce on Wednesday rejected a request from top White House adviser Valerie Jarrett to speak at a jobs summit hosted by the business group, the latest escalation in an ongoing war between the two camps.
“We would have loved to have gone and participated. We weren’t invited. In fact we were told not to come,” Jarrett said, during an interview on Bloomberg Television.
Chamber officials said Jarrett requested that she be allowed to address their gathering, a several-hour long “Jobs for America Summit,” on Wednesday morning, a few hours before the event began. They said the program was too full to fit her in.
At the summit, Chamber President and CEO Thomas Donahue railed against President Obama’s economic policies.
“Our current economic direction is not working,” Donahue said.
Donahue said that Obama’s health care and financial regulation initiatives are onerous to the point that the Americans will lose freedoms unique to the country.
“Taken collectively, the regulatory activity now underway is so overwhelming and beyond anything we have ever seen, that we risk moving this country away from a government of the people to a government of regulators,” Donahue said.
No wonder these companies – large, medium and small – aren’t hiring.
Try as they might, there is no way to put a shine on this.
US private employers added a paltry 13,000 jobs in June, compared to a revised gain of 57,000 in May, a report by a payrolls processor showed on Thursday.
The May figure was originally reported as a gain of 55,000.
The median of estimates from 30 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers, was for a rise of 60,000 private-sector jobs in June.
The ADP figures come ahead of the government’s much more comprehensive labor market report on Friday.
That report is expected to show a fall in nonfarm payrolls of 110,000 in June overall, as many temporary workers hired to complete the government’s decennial census were laid off.
New unemployment claims spiked by 25,000 last week.
WASHINGTON — The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The big surge was a setback to hopes that layoffs were declining.
The Labor Department says that applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The forecast had been for claims to fall by around 4,000 from the previous week. The unexpectedly large rise in new claims underscored that even though the economy is growing, improvements in the labor market are coming in fits and starts.
Meanwhile, the Dow
is down almost 300 points. It’s a damn good thing the Democrats passed that stimulus bill last year, huh?
This is the latest in the anti-Obama billboard series we’ve seen in recent months.
Norah O’Donnell will analyze the billboard’s racial overtones on tomorrow’s Morning Joe.
(Via Gateway Pundit)
“Unexpected” is becoming the most overused word in the U.S. these days, only to be outdone by “unprecedented.”
New jobless claims filed last week made a surprise jump to 474,000, the Labor Department said moments ago, up from 457,000 the week before.
Continuing claims dropped to 5.16 million last week from 5.46 million the week before.
Forecasters expected last week’s new jobless claims to come in at 450,000.
Even the New York Times can’t ignore the facts, although they don’t mention that the stimulus was supposed to prevent unemployment from reaching 8.8%.
For all the pain caused by the Great Recession, the job market still was not in as bad shape as it had been during the depths of the early 1980s recession — until now.
With the release of the jobs report on Friday, the broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.
In all, more than one out of every six workers — 17.5 percent — were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982.
This includes the officially unemployed, who have looked for work in the last four weeks. It also includes discouraged workers, who have looked in the past year, as well as millions of part-time workers who want to be working full time.
The official jobless rate — 10.2 percent in October, up from 9.8 percent in September — remains lower than the early 1980s peak of 10.8 percent.
The rate is highest today, sometimes 20 percent, in states that had big housing bubbles, like California and Arizona, or that have large manufacturing sectors, like Michigan, Ohio, Oregon, Rhode Island and South Carolina.
Way to go, Barry.